Milestone as MPESA Africa hits 50 million monthly active customers

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MPESA
  • 3 weeks ago
  • Posted: September 8, 2021 at 4:59 pm

MPESA Africa has proved to be the world’s leading mobile money service after achieving a major milestone of 50 million monthly active customers strengthening its position as Africa’s largest fintech. Launched more than 14 years ago in Kenya, MPESA is today available in Kenya, Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt.

This significant achievement comes just 18 months after Safaricom and Vodacom launched the M-Pesa Africa Joint Venture to accelerate the growth of the service across the continent. M-Pesa Africa has equally been striving to deliver digital platforms as part of its focus to be the largest fintech and digital ecosystem across the continent.

“14 years ago, we launched M-Pesa to connect our customers to each other and to different opportunities. We are delighted to celebrate this remarkable milestone with our more than 50 million customers across the continent. As an honor to this achievement, we are reiterating our commitment and deepening our focus on more innovations that will further transform the lives of our customers,” said Sitoyo Lopokoiyit, MD – M-Pesa Africa.

Safaricom and Vodafone launched M-Pesa in Kenya in 2007 as a way for customers to instantly send money to each other. For many customers, the service became their first and often the only access to financial services propelling its fast growth and adoption across the country. Subsequently, the service has largely contributed to the growth of formal financial inclusion across the continent which has gone up by up to 55%.

Today, MPESA is a 2-sided network that provides a wide variety of financial services to both businesses and individual customers allowing them to send and receive money, make and receive business payments, pay bills, make and receive international money transfers, save and access credit, all from the convenience of their mobile phones and wherever they may be in the countries served across more than 500,000 agents.

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In June 2021, MPESA began rolling out the MPESA Super App across all its markets to introduce one of the service’s key innovations in the form of Mini-Apps which enable customers and businesses to accomplish day-to-day tasks from shopping to accessing government services without having to download different apps for each task. The app provides more than 50 million customers with a modern, intuitive and secure way to transact on their smartphones.

The fintech’s second facet now focuses on businesses by expanding its ecosystem to deliver innovative solutions across micro businesses, SMEs, and large businesses. These include an open API in use by more than 45,000 developers and 200,000 businesses, the M-Pesa for Business Super App, the Transacting Till that enables businesses to go beyond receiving payments to making business payments, and Pochi La Biashara that enables small businesses to separate their personal and business funds. Collectively, more than 500,000 businesses transact more than $7 billion every month on M-Pesa.

About the future? Safaricom says MPESA Africa is investing in new technologies and partnerships as it seeks to deepen financial health amongst its customers through products that encourage savings and lending, wealth management, insurance and has equally expanded these partnerships in an aim to boost remittances which empower customers to send and receive money across more than 200 countries and territories.

Read Also: Safaricom launches MPESA Super App with these amazing features

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MOBILE MONEY